INTRODUCTION North Gaia EC real estate developers opened in Singapore last month, reducing the number of new private homes sold. They launched 210 new private housing units for sale in September, with the exception of Executive Condominiums (EC). This is about a quarter of the HDB units released in August 2021 released in any month of the year. The lowest launch was in February of this year, when only 167 private units were put up for sale due to the Chinese New Year’s downturn. The main reason for the decline in sales last month was the decline in market input. Another reason contributing to the lower launch volume in this September was the market uncertainties caused by the rising number of Covid19 inflections in Singapore, which exceeded 1,000 daily cases in the middle of last month. As it was uncertain whether further social distancing restrictions would be imposed at that time, some developers held back the release of their new housing units for sale. North Gaia Floor Plan Primary market residential sales Although the private residential primary market sales in September was lower than that in August, it was still within the sustainable range of monthly new home sales of 700 to 900 units in each month. Real estate developers sold an average of 8,855 private housing units annually since the government implemented the Total Debt Servicing Ratio (TDSR) framework in 2013. Based on the annual average sale in the past 7 years, the average monthly primary market sale was 738 units. If primary market sales exceed 738 units in a particular month, developer sales for that month are above average and should be considered healthy. In addition, the North Gaia Price decline in primary market sales last month began on a high base in August. In August 2021, the developers sold 1,216 private homes. It is usually unsustainable for primary market sales to exceed 1,000 units each month. New Housing Projects September 2021 Three new housing projects were launched in September 2021. Parc Greenwich, a 496-unit executive condominium (EC) project in western Senkan, was the largest project launched last month. The 335 units of this EC project sold for an average price of US $ 1,229. The other two housing projects were relatively small, each with less than 150 units. Quarterly Developer Housing and Sales Developers sold many residential units in the third quarter of this year, although fewer units were released compared to the previous quarter. According to preliminary figures, the number of new condominiums (excluding EC) in the third quarter of 2021 decreased by 8.7% from the previous quarter (qoq) to 2,150 units. On the other hand, the North Gaia Showflat number of new homes sold in the quarter from July to September 2021 increased by 23.1% from the previous quarter to 3,652 units (excluding EC). It was also 3.8% higher than the 3,517 units sold a year ago in the third quarter of 2020. The number of new homes sold in the third quarter of 2021 is the highest since the second quarter of 2013, when developers sold 4,538 units, reflecting strong buying demand in the market. Demand for new private homes is steadily growing, as evidenced by rising occupancy rates. In the third quarter of 2020, about 93 of the 100 developers released were sold. The third quarter 2021 take-back rate also includes lower interest rates, sufficient liquidity, strong marketing campaigns by marketing agencies, and the positive outlook for homebuyers that the pandemic will be resolved by the time new homes are completed. Yes, it rose to 170%. Has completed. Due to rising demand for homes, unsold private residential real estate inventories fell to 11,400 units, one of the lowest inventories since July 2018. Outlook Real estate North Gaia Yishun developers have already sold 10,100 new homes in the first nine months of the year, based on preliminary statistics. Even if primary market sales slowed in the fourth quarter of 2021, developers will be able to sell around 12,000 to 13,000 private homes this year. This is the largest sales volume since 2013 when the TDSR system was introduced.
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